Evercore ISI Raises Bank of New York Mellon (NYSE:BK) Price Target to $77.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Evercore ISI from $66.00 to $77.00 in a report published on Monday, Benzinga reports. They currently have an in-line rating on the bank’s stock.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley lifted their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. increased their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.69.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $77.30 on Monday. The firm’s 50 day moving average price is $69.26 and its two-hundred day moving average price is $62.83. The stock has a market cap of $57.81 billion, a PE ratio of 17.89, a PEG ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $77.67. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s payout ratio is presently 43.52%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in BK. Olistico Wealth LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $30,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Clearstead Trust LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $40,000. Finally, Grove Bank & Trust raised its holdings in shares of Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.